Heard finally.

2. The Petitioners have challenged an Award dated 16 December 2005 passed by the Arbitrator appointed in a dispute arising out of a Contract Agreement for Works dated 17 December 1999, between the parties with regard to a rail contract work.

3. The basic facts are:

On 21.09.1999, the Respondents were awarded with a contract of work of Cutting and Cropping of Rails and Almino Termite welding of Rails by SKV process between Kurduwad – Pandharpur Guage – Conversion Project at a tendered cost of Rs.1,21,07,000/- with a condition of completion period of 5 months from the date of acceptance/award of the contract i.e. 21/09/1999 and accordingly the work was to be completed on or before 21/2/2000.

4. On 31.01.2001 the work was completed by the Respondents after obtaining 5 extensions. The joint measurements were done in the presence of the contractor.

5. On 20.08.2001 and 21.02.2003, the Respondents however had raised disputes/claims and pursuant to the Order of this Court dated 21.02.2003, the Arbitral Tribunal was constituted. The Respondents submitted various claims, thereafter also.

6. The Petitioners had refuted the claims of the Respondents as the same w